Software soon to streamline working of chit fund firms

The Stamps and Registration Department is gearing up to streamline the functioning of the chit fund companies in the State.

A new software has been developed for the purpose, under which the chit fund companies will have to upload all the information relating to their financial transactions on a day-to-day basis.

This is to ensure that the subscribers are not duped, or do not incur losses.

According to information, the department is testing the software at its offices across the State.

The officials at the district level have been asked to upload the data furnished by the chit companies manually into the software.

“It helps the officials in fixing the problems, if any, in operationalising the software. Redesigning and changes needed will be made in the software based on the experiences during the trial period,” sources say.

“The software testing is nearing completion. Changes, if any, to the software will be made. The new system will be launched in about a week or so,” says Stamps and Registrations Inspector-General M.V. Shesagiri Babu.

There are more than 500 registered chit fund companies in the State. These companies will have to upload details such as chits, subscribers, auctions conducted, day-to-day financial transactions, and the subscribers entering or leaving the chits.

Mainly, the officials are focussing on the turnover of the companies and auctions. They are unable to monitor issues such as ‘discount’ (the sum of money a subscriber is required to forgo to meet the expenses of running the chit); dividend, and draw of chits.

At present, these details are being furnished manually and are stored as documents in the files.

“As a result, it is becoming difficult to monitor the activities of the chit fund companies. A software is developed to ensure that no subscriber is at the receiving end,” sources say.

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